According to CBI, the former Chairman and MD of APIIC, entered into a criminal conspiracy with officials of Emaar Group and unknown public servants to cheat APIIC.
The CBI investigating alleged irregularities in the APIIC-Emaar properties deal on Wednesday filed a charge sheet against senior IAS officer BP Acharya and 11 others in a local court.
According to CBI, Acharya, former Chairman and Managing Director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC), entered into a criminal conspiracy with officials of Emaar Group and unknown public servants to cheat APIIC and secure wrongful gains to Emaar.
The controversy centres around dilution of APIIC's equity in the project and also Emaar roping in its group company Emaar MGF Land Ltd as a co-developer for the 258-acre integrated township project at Gachchibowli in Hyderabad involving construction of residential villas, apartments and a golf course.
CBI arrested Acharya on January 30, while Koneru Prasad, was arrested on November 3 last year.
Similarly, the central agency arrested N Sunil Reddy, a close aide of YSR Congress Chief YS Jagan Mohan Reddy on January 24 while Vijayaraghav, the finance head of Emaar-MGF (south) was arrested on January 28.
All the four accused were today produced before the Special court for CBI cases here which remanded them in judicial custody till February 15.
According to CBI, Koneru received Rs138 crore from the buyers for the plots developed by Emaar MGF in the controversial township project much below the market price, which caused a huge loss to the state exchequer.
In August last year, CBI had filed an FIR against Acharya and others in Emaar case.
The Andhra Pradesh High Court had earlier ordered a preliminary probe by the CBI into the allegations made by the then state Textiles Minister P Shankar Rao about irregularities in the APIIC-Emaar Properties project deal.
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